点击注册小程序 2、固态电池：赢合科技、先导智能、星云股份等锂电设备公司完成固态电池核心设备交付，对板块形成显著 催化。固态电池设备投资额4-5亿/GWh，显著高于传统液态锂电设备投资额，且设备要求全面提升；在材料 端，固态电池叠加AI PCB概念，使得锂电铜箔公司龙头大涨。当前，电池厂商积极推进半固态产线以及全固 态实验、中试线使得固态电池板块资本开支提升，叠加政策支持，固态电池材料端也将迎来一定催化。 3、光伏：经历24Q4行业反内卷政策及25Q1抢装后，光伏板块在25Q1期间偿债能力并未持续恶化；但25年5月 开始，光伏板块排产和价格下滑使得板块偿债、盈利能力又在进一步恶化。我们预计下一阶段行业供给或需求 端的兜底政策有望进一步强化。 4、储能：本周德业股份股价调整较多，主要系欧洲库存因素导致市场下调其业绩预期所致。但其估值已进入 合理区间，我们依然认可其具备配置价值，后续需要持续关注7-8月份户储月度数据情况。25年欧洲大储、工 商业储能景气度依然较高，核心关注点在Q2-Q3业绩或订单能够持续释放，市场也在持续关注国内136号文对 独立储能盈利能力变化的影响。 5、可控核聚变：本周调整较多，主要是市场 ...

Core Viewpoint - China National Petroleum Corporation (CNPC) and its subsidiaries are increasing their investment in Kunlun Capital to support controlled nuclear fusion projects, indicating a strategic shift towards emerging industries and energy transformation opportunities [1] Group 1: Investment and Financials - Kunlun Capital's three major shareholders will invest a total of 3.275 billion yuan (approximately 0.47 billion USD) in the company, with CNPC contributing 1.6705 billion yuan, China Petroleum contributing 949.5 million yuan, and China Oil Capital contributing 655 million yuan [1] - The investment aims to enhance Kunlun Capital's competitive advantage and potential profitability in the energy and chemical sectors [1] Group 2: Technological Developments - Controlled nuclear fusion is recognized as a long-term energy solution, offering abundant energy, zero emissions, and high safety, with 1 gram of deuterium-tritium fusion releasing energy equivalent to 11.2 tons of standard coal [2] - China has achieved international leadership in controlled nuclear fusion, with significant advancements in the "Chinese Circulation No. 3" device, which has set multiple operational records since its completion in December 2020 [2][5] Group 3: Market Outlook and Trends - The global nuclear fusion market is expected to reach 2.26 trillion yuan (approximately 0.33 trillion USD) by 2030-2035, driven by ongoing research and development efforts [7] - Investment in controlled nuclear fusion is increasing, with the U.S. private market alone raising over 12 billion USD since 2024, accounting for 62% of global funding [3][4] Group 4: Industry Structure - The nuclear fusion industry in China is characterized by a dual structure, with state-led initiatives and rapidly emerging commercial companies complementing each other [4][6] - Major state-owned enterprises like China National Nuclear Corporation and the Chinese Academy of Sciences are leading the charge, while private companies are innovating with smaller, modular fusion reactors [6][7]

长江商报消息 ●长江商报记者 黄聪 近年来，中油资本（000617.SZ）将支持国家"双碳"目标的实现融入业务布局和日常经营管理中。 近日，中油资本发布公告，公司拟出资6.55亿元，与中国石油天然气集团有限公司（以下简称"中国石 油集团"）、中国石油天然气股份有限公司（以下简称"中石油股份"）以自有资金按原有持股比例共同 向参股公司中国石油集团昆仑资本有限公司（以下简称"昆仑资本"）进行增资，用于投资可控核聚变项 目。 截至2024年末，中油资本资产总额10841.72亿元，比年初增长1.01%，继续保持万亿元规模；全年实现 营业总收入390.24亿元，同比增长0.08%；净利润99亿元。 昆仑资本注册资本达100亿元，主营业务包括以私募基金从事股权投资、投资管理、资产管理等活动 （须在中国证券投资基金业协会完成登记备案后方可从事经营活动）；私募股权投资基金管理、创业投 资基金管理服务（须在中国证券投资基金业协会完成登记备案后方可从事经营活动）等。 截至2025年5月31日，昆仑资本未经审计总资产108.79亿元，总负债7834.29万元，净资产108亿元；1—5 月营业收入579.96万元，净利润1907. ...

证券研究报告 小金属 行业定期报告 hyzqdatemark 2025 年 06 月 22 日 证券分析师 板块表现： 稀土磁材陆续获得出口许可证，需求疲软下锑价持续调整 投资评级： 看好（维持） ——小金属＆新材料双周报（2025/6/9-2025/6/20） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 项祈瑞 SAC：S1350524040002 xiangqirui@huayuanstock.com 稀土：国内价格震荡，部分磁材厂拿到出口审批等待价格突破。近两周，氧化镨钕 下跌 1.11%至 44.4 万元/吨，氧化镝保持平价，为 163.00 万元/吨，氧化铽下跌 0.69% 至 7 ...

关注 「电动车公社」 和我们一起重新思考汽车 就在车企们卷生卷死的关键时刻，国内最大货运平台之一的货拉拉，居然入局造车了！ 6月18日，货拉拉旗下多拉汽车的首款车型——定位纯电厢货的 多拉八方 正式亮相，不声不响地憋了个大招出来。 与此同时，货拉拉还通过自持的 经销商渠道， 给出了"官方补贴"： 购买多拉八方的新司机，可享受平 台L6等级、10万元人身意外险、5万元货损险、申诉优先处理、 订单流量倾斜 等 购车权益。 但令人意想不到的是，造车明明是让货拉拉 统一服务标准和流程、 还能让利给司机的 好事，外界对此却存在不少担忧： 如果货拉拉在后台给多拉汽车更多的派单倾斜，从而 间接引导司机购买或租用 多拉汽车，这一举措是否合法合规？又会不会侵犯现有司机的权益？ 今天，我们就来借着这个话题，和大家聊一聊货拉拉造车的那些事儿。 01. 四年磨一剑 早在2021年，货拉拉的造车梦就已经启动。 只不过当时的货拉拉并没有高调 官宣即将造车，而是先 融资15亿美元， 后 收拢了许多 整车制造方面的人才， 为造车打下了坚实的基础。 在那个百度、小米、滴滴等多家互联网公司相继入局造车的环境下，资本市场对此也是十分看好，直接把货 ...

Core Viewpoint - Shanghai Superconductor Technology Co., Ltd. has initiated its IPO process on the Sci-Tech Innovation Board, aiming to raise 1.2 billion yuan, with China International Capital Corporation (CICC) as the sponsor [1][3]. Group 1: IPO Journey - The company was established on October 18, 2011, with a registered capital of 520 million yuan, focusing on high-temperature superconducting materials [3]. - Key milestones include the start of IPO counseling on November 28, 2024, and the acceptance of the IPO application on June 18, 2025 [3]. Group 2: Business and Governance Risks - The company faces high customer concentration, with the top five clients contributing over 70% of revenue. A 30% decline in the State Grid's procurement volume in 2024 has led to an increase in inventory turnover days to 287 days, compared to 180 days in 2022 [5][6]. - The commercial viability of its technology is questioned, as claims of entering fields like controlled nuclear fusion and medical devices remain unproven, with large-scale applications expected to take 5-10 years to develop [7]. - The chairman, Ma Tao, has limited public information available, and his past associations raise concerns about governance and transparency [8][10]. Group 3: Financial Data Analysis - The company reported revenues of 0.35 billion yuan in 2022, increasing to 0.83 billion yuan in 2023, and projected to reach 2.39 billion yuan in 2024. However, it also faced net losses of 0.28 billion yuan in 2022 and 0.04 billion yuan in 2023, with a projected profit of 0.72 billion yuan in 2024 [12]. - The high accounts receivable, which accounted for 52% of revenue, raises concerns about the quality of earnings, especially given that some major clients are relatively new companies [12]. - The company plans to expand its production capacity significantly, aiming for an annual output of 6,000 kilometers, while the global market for high-temperature superconducting materials is only about 50 kilometers in 2024, indicating a severe supply-demand mismatch [12]. Group 4: Regulatory Inquiry Anticipation - The company may face inquiries regarding its technology commercialization capabilities, governance structure without a controlling shareholder, and high accounts receivable potentially indicating bad debt risks [13]. - Investors are advised to monitor three critical signals: the ability to diversify the customer base, the potential for positive cash flow, and the feasibility of capacity utilization [13].

证券研究报告 能源转型：可控核聚变发展加速，助力能源转型 华安证券研究所 张志邦（SAC职业证书号S0010523120004）zhangzhibang@hazq.com 王 璐（SAC职业证书号S0010525040001）wanglu1@hazq.com 2025年6月20日 目录 1.为什么现在关注核聚变？ 2.国内外核聚变行业进展及格局如何？ 2.1国内：科研院所引领，商业公司跟进 2.2国外：美国公司数量领先/技术多元，最早在2028实现聚变能源商业化 3.如何展望行业后续节奏？ 3.1后续展望：核聚变商业化发电时间在2030年代、落地场景多样、存在供给侧约束问题 4.核聚变板块投资机会梳理 4.1核聚变制造端产业链解析 附录：可控核聚变介绍 2 1.1短期有进展：国内外聚变项目招标/融资密集落地，商业/技术进展加快 1.2中期有加速：AI/高端材料等技术创新的带动下，聚变输出功率提升超预期 1.3重要性提升：全球竞赛的重要一环，能源转型的重要导向 1 为什么现在关注核聚变？ 3 1.1 国内外核聚变项目的近期进展 4 国内聚变项目开工/招标/技术进展加速 | 1 | 项目开工建设 | | --- ...

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Group 1 - The core point of the announcement is that China Petroleum Group Capital Co., Ltd. plans to invest 655 million yuan in Kunlun Capital to explore opportunities in the energy and chemical industry strategic transformation [1][7] - The transaction is classified as a related party transaction as China Petroleum Group is the controlling shareholder of the company, and China Petroleum Co., Ltd. is a subsidiary of China Petroleum Group [1][3] - The approval process for the transaction has been completed, with the board of directors agreeing to submit the matter for review [2][8] Group 2 - China Petroleum Group has a registered capital of 48.69 billion yuan and reported a net profit of 161.34 billion yuan for the year ending December 31, 2024 [2][4] - China Petroleum Co., Ltd. has a registered capital of 18.30 billion yuan and reported a net profit of 164.68 billion yuan for the year ending December 31, 2024 [4][5] - As of the announcement date, China Petroleum Group holds 77.35% of the company's total shares [3][5] Group 3 - Kunlun Capital's total assets as of December 31, 2024, were approximately 108.72 billion yuan, with a net profit of approximately 50.05 million yuan for the same period [5][6] - The capital increase will not change the shareholding structure of Kunlun Capital, with the company maintaining a 20% stake post-investment [6][7] - The transaction is aimed at enhancing the competitive advantage and potential profitability of Kunlun Capital in the strategic emerging industries [8]

标配（维持） 有色金属行业双周报(2025/06/06-2025/06/19) 行 业 有色金属行业 美联储维持利率区间不变，金价短期小幅承压 2025 年 6 月 20 日 投资要点： 分析师：许正堃 SAC 执业证书编号： 行情回顾。截至2025年6月19日，申万有色金属行业近两周上涨1.95%，跑赢 沪深300指数2.83个百分点，在申万31个行业中排名第4名。截至2025年6月19 日，近两周有色金属行业子板块中，贵金属板块上涨4.05%，能源金属板块上 涨3.22%，工业金属板块上涨2.03%，金属新材料板块上涨1.19%，小金属板块 下跌0.97%。 周 报 有色金属行业重要新闻及观点 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 资料来源：东莞证券研究所，iFind S0340523120001 电话：0769-23320072 邮箱： xuzhengkun@dgzq.com.cn 申万有色金属行业指数走势 黄金。6月19日，美联储公布6月议息会议决定，宣布维持基准利率不变，将 联邦基金利率目 ...